Card issuing company Marqeta has debuted a new credit card issuing platform.
The launch, announced Monday (Oct. 23), adds intuitive credit card program management tools and creates a “one-stop shop” for rolling out consumer and commercial credit programs, the company said in a news release provided to PYMNTS.
“With this launch, brands can create a new standard for credit cards that encourage greater customer loyalty with personalized rewards, completely owning the experience for their customers from end-to-end,” the release said.
And personalized rewards are important, according to “Leveraging Item-Level Receipt Data: How Card-Linked Offers Drive Customer Loyalty,” a PYMNTS Intelligence-Banyan study.
That report found that 65% of credit or debit card users say they prefer to shop with brands or merchants where they are loyalty or rewards program members. In addition, 34% of consumers said they were willing to try out new brands or merchants, while 23% are occasional shoppers who sporadically visit specific brands or merchants.
Meanwhile, personalized card reward programs were especially appealing to consumers, with 40% saying they would like a card tailored to their needs and preferences.
“Moreover, customers who have used these programs express high levels of satisfaction, especially when offers are tailored to their preferences, further giving merchants a chance to cultivate loyalty and encourage increased spending,” the report said.
Simon Khalaf, CEO of Marqeta, said in the release that brands had already wanted to reach customers via laptops and mobile devices.
And now, he added, “they have the opportunity to be in their wallet, as the credit card becomes a new launchpad of the digital experience.”
“We believe this launch can help reimagine what a credit card can be, and show that beautifully designed, embedded credit cards can help innovative brands engage with customers in a whole new way,” Khalaf said.
“We already see considerable demand for differentiated credit products from companies looking to innovate in this space who are held back by the constraints of legacy technology,” Khalaf, who had just been named CEO, said at the time.
“We thoroughly examined possible acquisitions to more quickly establish Marqeta’s leadership in the modern credit space. It became clear to us that Power would strengthen Marqeta’s platform with a best-in-class tech stack for credit card program management.”